Press Release

For release at 10:00 a.m. EST

On February 8, 2010, the Federal Reserve conducted an auction of $50 billion in 28-day credit through its Term Auction Facility. Following are the results of the auction:

Stop-out rate:

0.250 percent

Total propositions submitted:

$15.426 billion

Total propositions accepted:

$15.426 billion

Bid/cover ratio:

0.31

Number of bidders:

103

The awarded loans will settle on February 11, 2010, and will mature on March 11, 2010. The stop-out rate shown above will apply to all awarded loans.

Institutions that submitted winning bids will be contacted by their respective Reserve Banks by 11:30 a.m. EST on February 9, 2010. Participants have until 12:30 p.m. EST on February 9, 2010, to inform their local Reserve Bank of any error.